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The Custodian for Enemy Property for India is an Indian government department that is empowered to appropriate property in India owned by Pakistani nationals. After the Indo-Pakistani War of 1965, the Enemy Property Act was promulgated in 1968 . The act authorised the Central Government of India to appoint a custodian for enemy property for India and one or more deputy/assistant custodians as assistances. There is also a provision which validates the appointments made under the Defence of India Rules 1962 and 1971 . The Pakistani nationals in question were citizens of undivided India before the Partition of India in 1947 took place, and left India to settle down in Pakistan.
Under the notification issued on September 10 and September 11, 1965, the Central Government vested the following property in India belonging to, held by, or managed on behalf of Pakistani nationals; entrusting the property and its appurtenances in the hands of the custodian with immediate effect. This includes all immovable property, all lockers and safe deposits; and all negotiable instruments such as promissory notes, shares, debentures and other Commerce.
Citizens of India are banned from entering any transactions by way of granting development rights, sale/transfer/ mortgage / of 1/3rd of a property in India declared as “enemy” property. The office of the Custodian are located in Bombay with a branch in Calcutta.
Properties
The custodian currently manages 2,943 immovable properties such as land, buildings etc.; and movable properties such as securities, shares, debentures, bank balances through fixed deposits and other amounts lying in enemy national’s bank accounts. These include 1,345 income cases, 231 declared cases, 1,011 process cases and 356 court cases. The Custodian also manages the Habib Bank and the National Bank of Pakistan. The value of enemy property held is apprised at Rs 29.4 crores (294 million) in 1971.
Income
The fees equal two percent on the gross income from the properties vested in the Custodian. The income received by way of rent, interest etc. on securities is invested in the Reserve Bank of India. The maturity for the year 2004-2005 is expected to touch 135 crores. A balance of 0.22 crores is in the personal ledger account of the Custodian maintained by the Central Bank of India. A sum of 51 lakhs (5.1 million) is kept in the fixed deposit in the name of Habib Bank.
Retrieved from “http://en.wikipedia.org/wiki/Custodian_for_Enemy_Property_for_India”
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